this post was submitted on 26 Jan 2024
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House sizes have also ballooned. The average home size in 1949 was ~900 sq ft, whereas a new home now is ~2500 sq ft. It was still cheaper, but those homes prices are for a lot less house than people are imagining.
Larger houses are due to many factors. Weren't a lot of power tools around in 1949, and houses were heated by cast iron radiators and coal burning furnaces.
Yes that’s the point. We’re wealthier and more productive now and can consume some of that extra wealth. I am pointing out that we’re not comparing like for like.
Right now, most people are poorer than their counterparts from fifty years ago.
Take away technological advances like computers and cell phones that that would have occurred anyway and look at things like work hours and quality of life.
Hunter Thompson's "Hell's Angels" has a great chapter on the economics of being a biker/hippie/artist circa 1970. An Angel could work six months as a union stevedore and have enough money to hit the road for two years. A part time waitress could support herself and her musician boyfriend.
As late as 1980, 'middle class' was defined as one high school graduate supporting a family of four. After three terms of Reaganomics 'middle class' was two college grads working full time. Also, $1 million in 1980 was still a vast fortune and nowadays it's what a rich guy pays for a party.